Forget Brexit: London and Belgium are collaborating on fintech

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Fintech is building bridges with Brussels (Source: Getty)

Lynsey Barber

London's world-leading fintech sector is forging ahead despite Brexit with closer ties to counterparts in Belgium, the heart of European government.

Belgium's finance minister Johan Van Overtveldt and a delegation of fintech experts are in London to build closer ties with the city and launch a new platform for fostering collaboration between startups and finance firms.

"Brexit will not get in the way of fintech advancing in the UK and Europe. Today we are welcoming the Belgium hub B-Hive to build a new fintech bridge with the UK,” said Lawrence Wintermeyer, chief executive of the fintech industry body Innovate Finance.

“Many continental fintechs continue to see London as an attractive destination and we are keen to support future collaborations for our members on the continent with B-Hive. Belgium is at the heart of the European investment management scene and has a number of global infrastructure partners such as SWIFT, Euroclear, BNYMellon and Mastercard."

B-hive will help Belgium's fintech startups enter the UK market and UK firms looking to set up on the continent, but will not compete to replace the capital in terms of its fintech prowess.

"London has long been regarded as one of the world’s most innovative fintech hubs," said sheriff for the City of London Corporation William Russell.

"Its supportive regulatory initiatives, government programmes and tax incentives provide ample opportunity for firms both large and small to grow. Working with European counterparts provides even greater chance for growth."